“If this works — if Promesa works and the restructuring works — it may make bankruptcy for states seem like something that lawmakers should be considering a little more seriously,” said David A. Skeel Jr., a University of Pennsylvania law professor who is on the oversight board and has written on the possibility of states using bankruptcy. “But if it doesn’t work, it would have the opposite effect.”
How an overlooked facet of the weed law could trip up two of the industry’s biggest players – Crain’s
The fine print in the state's 610-page recreational marijuana bill could provide some challenges to getting retail sales up and running by Jan. 1
Comptroller Susana Mendoza signs executive order ensuring state infrastructure money spent using prevailing wage – Center Square
Illinois sports betting stalls while Indiana, Iowa poised to launch books in weeks – Chicago Sun-Times
All operators would have to pay $1 million to renew licenses every four years. After that, Illinois will take a 15% tax on all sports-betting revenue. That’s jacked up to 17% in Cook County, with the extra two points supporting the county’s criminal justice system.
Conducted in Denver, the location of the 2008 Democratic National Convention, Blago’s silver mane was still bottle brown; his demeanor gracious but frenetic, and his insistence on reciting poetry by the legendary British writer Rudyard Kipling was … well, weird.
The poem was called “If”; a primer for becoming “A Man.”
Beware of the disinformation campaign against a fairer tax for Illinois – Editorial – Chicago Sun-Times
Hundreds of small pension funds statewide face troubling debt. Is consolidation the way to go? – Chicago Tribune
State's financial situation is worst in the nation and hasn't necessarily bottomed
How much should schools pay for students’ bigotry? Wilmington IL discrimination suit could define standard, set pattern – Cook County Record
Coalition asks lawmakers to ‘Bet on Main Street’ and against higher video game taxes – Prairie State Wire
What Illinois Can Learn From the Supreme Court of Rhode Island and Even Puerto Rico About Public Pension Reform – MuniNet Guide
Illinois marijuana growers spent about $600,000 on political giving leading to the pot legalization vote. Here’s where the money went. – Chicago Tribune
‘Tough’ new Illinois Gaming Board chairman faced with massive gambling expansion – Chicago Sun-Times
Public finance watchdog warns Illinois taxpayers about reports from credit rating agencies – Center Square
Switching to a progressive income tax structure would drive Illinois even further behind Wisconsin.
A salute to our Illinois National Guard troops headed to Afghanistan – Editorial – Chicago Sun-Times
A onetime labor leader with ties to several prominent Illinois politicians pleaded guilty in federal court Tuesday in a lesser-known extortion case that still threatens to reach deep into the state’s halls of power. As part of his plea deal, former Teamster chief John T. Coli will cooperate with the feds in other investigations. Coli admitted to taking part in a scheme to extort $325,000 from Cinespace Chicago Film Studios, the clout-heavy studio that is home to such hit TV shows as “Chicago Fire” and “Empire.” He pleaded guilty to receiving a prohibited payment and filing a false income tax return.
How Illinois pols have pocketed more than $5 million in what Barack Obama once dubbed ‘legalized bribery’ – Chicago Sun-Times
Last year, former 36th Ward Ald. William J.P. Banks wrote himself a $291,708 check when he shut down his campaign committee, and former Senate Republican Leader Christine Radogno of Lemont took $36,157 from her still-active campaign fund.
Some other big beneficiaries of campaign cashouts: former state Sen. James DeLeo, D-Chicago, who took $271,681, and ex-state Rep. Angelo “Skip” Saviano, R-Elmwood Park, keeping $219,093. Each took the money in 2013.
Then there’s former state Rep. Ralph Capparelli, D-Chicago, who walked away with $583,357 between 2006 and 2010 — more than anyone else has pocketed in this legalized money-grab.
The funding strength of retirement systems across the U.S. rests on rosy assumptions. The very fact that stocks and bonds have enjoyed bountiful returns since the 1980s explains why they probably won’t in the future.
Concentration benefits firms like Nuveen and Vanguard, as well as some investors, but critics see risks if the market cools.
Retail power sellers will need to shift from month-to-month prices to fixed prices for 12 months under reform legislation taking effect next year. Here's how CleanChoice Energy, which has leaned on variable pricing in the past, is responding. Effectively, CleanChoice is saying that buying renewable energy certificates from Illinois wind farms, which allows it to make its green-energy claims, costs far more than RECs from out-of-state wind farms. That flies in the face of the message that the renewable power industry is delivering, which is that the cost of producing wind power has fallen dramatically in recent years and is competitive with fossil fuels.
Feds investigating $10,000 in checks from ComEd lobbyists to ousted Madigan operative – Chicago Tribune
3 other states, numerous public pension funds aiming to profit off legal weed in Illinois – Chicago Sun-Times
You’re On The Hook For Trillions In Pension Overpromises, And Divestment Is Making It Worse – The Federalist
Illinois Lottery at age 45: Raising billions of dollars for schools, roads, veterans and more – Opinion – Chicago Sun-Times
Illinois creates fund to send state tax revenue to homeowners for property tax relief – Center Square
A recent raid at ex-Ald. Michael Zalewski's home reportedly is tied to his desire for work from ComEd. The feds also subpoenaed the utility about its lobbying. All that will undoubtedly complicate life for the woman who runs ComEd's regulator, Carrie Zalewski
Car buyers are on the hook for an estimated $40 million extra in sales taxes thanks to an Illinois law starting next year that will cap trade-in tax credits for most motor vehicles at $10,000.
Currently, car buyers pay sales tax on the difference between the value of a new car and the value of the car they're trading in. But starting Jan. 1, car buyers will receive sales tax credit on only up to $10,000 of the value of their trade-in.
Erin Guthrie, the new head of the DCEO, may not be the state's top salesperson to businesses in search of places to expand—Gov. J.B. Pritzker is—but she's the one who hones and follows up on the pitch.